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Pre-Assessment Survey Sheds Some Light on Borrower Perspectives
While the survey didn’t account for recent borrowers challenged with the Financial Assessment, the research does pull back the curtain on the motivations behind older homeowners who seek out a reverse mortgage.
At the NRMLA annual meeting in San Francisco this month, Stephanie Moulton, associate professor at the John Glenn College of Public Affairs gave industry participants a sneak peek of the survey.
The project was funded in part by the MacArthur Foundation and HUD seeking to uncover the factors leading older homeowners to get a HECM, terminate their loan or ultimately decide against proceeding with the loan. Enlisting the help of ClearPoint Credit Counseling, a leading HECM counseling agency, researchers tracked the responses of over 1,700 individuals who received
HECM counseling in the years 2012-14 with an average age of 70. The sample was divided into three segments: those who got a reverse mortgage and currently hold the loan, those who got a HECM and terminated the loan and those who decided against…
Download a transcript of this episode here.
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